https://www.taxtmi.com/caselaws?id=15100 The court upheld the addition of Rs. 1,50,000 as profits for the assessment year 1966-67 and the reduced addition of Rs. 4,50,000 for the assessment year 1967-68. In the penalty proceedings, the court agreed with the Tribunal that there was no evidence of concealment of income by the assessee, leading to the cancellation of penalties for both assessment years. The court found that the income from permits did not reach the assessee, justifying the cancellation of penalties under section 271(1)(c) of the Income-tax Act. en-us Fri, 27 Mar 1998 00:00:00 +0530 Mon, 03 Aug 2009 10:53:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15100 The court upheld the addition of Rs. 1,50,000 as profits for the assessment year 1966-67 and the reduced addition of Rs. 4,50,000 for the assessment year 1967-68. In the penalty proceedings, the court agreed with the Tribunal that there was no evidence of concealment of income by the assessee, leading to the cancellation of penalties for both assessment years. The court found that the income from permits did not reach the assessee, justifying the cancellation of penalties under section 271(1)(c) of the Income-tax Act. Case-Laws Income Tax Fri, 27 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15100